Pages

Tuesday, 16 February 2016

TWIST IN THE BULL TALE!!! BEARS PULLS BULLS BACK

After previous day’s sharp
upswing, just when one thought that the momentum has returned There was blood
shed all over the bourses the Sensex
wiped off all early gains to end the day 362 points on Tuesday, while broader Nifty
slipped below its key 7050mark after testing 7,200. Market breadth turned fairly
negative with 26 of the 30 Sensex components ending the day in red. Banking
shares are trading lower after SBI chairman says non-performing assets will
rise in the March quarter as well, and profitability will get impacte.
Syndicate Bank is down 5.2%, State Bank of India 3.6%, Central Bank of India
3.6%, Punjab National Bank 3.3%, Canara Bank 3.3%, Bank of Baroda 3.3%, Uco
Bank 3.2%, Allahabad Bank 2.5%, DCB Bank 2.4%, Union Bank of India 2.3% and
Corporation Bank 2.2%.SBI was the
worst performing stock on both the headline indices and lost nearly 7 %.European stock markets rose on Tuesday, helped by stronger energy
stocks which gained ground as oil prices surged on the possibility of output
cuts.The Indian currency weakened further against
the US dollar dampening sentiment. Meanwhile, oil prices gave away gains after
a meeting between oil ministers from Saudi Arabia and Russia ended with
consensus to freeze output at January's levels; however, there would be no cut
in production. The Union Petroleum and Natural Gas Minister Dharmendra Pradhan
has stressed on the need to enhance domestic production of Oil & Gas
through process and technical improvements, besides enhanced exploratory
coverage. The rupee was trading lower by 15 paise at 68.22 against the American
currency in early trade today at the Interbank Foreign Exchange market as the
dollar firmed up overseas.